There is so much to learn when you are first starting your business on the Internet. It is not uncommon for people to feel overwhelmed very quickly, and even give up completely on the idea of building an online business they can do from home or from wherever they happy to be. It doesn’t have to be this way. Instead, take it slowly, using a step by step process that will help to ensure your success. You can download my Special Report on the 10 Steps To Getting Started Online here.
The first step is to choose a niche, which is the area you will focus on in your business. This is the step that stops most people before they ever get started. I like to use the analogy of starting a retail, brick and mortar business as an example of how to think of this. Imagine that a bank is willing to loan you as much money as you need in order to open a store in your local mall or shopping area.
What type of business would this be? You would not be able to tell the banker that you are interested in many things and just cannot decide what to sell. No, instead you would need to tell them exactly what type of store it would be, and what types of products and services you would have to offer your customers.
Your niche is exactly like this. Choose an area that you are knowledgeable about, at least somewhat, and have an interest in. This does not mean that you must already be an expert in this area, just that you would be willing to continue learning more about it over time. It also does not mean that you have to stick with this niche for the rest of your life. You just need to stay with it until you make some money and give it a chance.
Ask the people in your life you know you well to help you to decide what you are good at and enjoy doing. You will be amazed at what they tell you when you ask for their help with this. You will wonder why you didn’t think of it yourself.
Once you have chosen your niche, set up a blog and an optin page to start building a list that you will be able to market to. Write a three page report that covers one small aspect of your topic, and offer it as a free giveaway in exchange for your prospect’s name and email address. This will get you started on your way to building your online business.
Good golly, this one will never go away and it’s oh-so important. I know I fall into the same trap waay too often.
I think there are two primary reasons people resist picking a niche:
1. They’re afraid they’ll lose opportunity if they narrow their focus – and of course it works just the opposite. This type of concern is based on scarcity thinking and does not work. In the world market brought to us by the Internet, extremely tightened niches can be golden!
2. They genuinely have multiple areas of interest. Your point is so well taken, Connie – pick one and make it work then go to the other. I think most people would agree, but still many hesitate. It may be they hesitate as a way to avoid making a decision and thereby being held accountable for their results (even if just by themselves, which is a whole ‘nother thang), but for a lot of folks it’s just tough to decide. I think the path to the proper decision should best be driven by market demand or profitability or how much one choice lights you up versus the other choice(s). As a believer in following one’s passions, I’d suggest choosing the one you’re most passionate about – that way you’ll vibrate higher which may resonate with your customers so they’ll buy early and often and also if you make the choice based on your passions you’ll be willing to keep going when hurdles present themselves. Maybe a good question to ask oneself is, “Which one would you want to promote most even if it wasn’t for money?”
Bruce Brown
Hi Connie- Thanks for this.
I have finally settled into my niche after 6 mnths or soul searching. It is small business and non-profit marketing.
My second blog in the 30-dy challenge is on print versus elec documents.
http://www.jeannembrown.blogspot.com/
One thing I would add to your equation, Connie, is to make sure there are buyers in your niche.
My first niche was homeowners in foreclosure. I started a site and have done fairly well at gaining a loyal following. But trying to sell to people having financial difficulties is not easy to do without feeling like I’m taking advantage of their situation.
So I’ve transitioned the site to an information only site monetized through AdSense. If I didn’t have a 4,000 member list to drive traffic to my posts, though, that wouldn’t work either and I’d have given up long ago.
You’ll probably get a good giggle out of this, Connie. After three years of being online and not having a clue about a niche I wanted to zero in on …
I looked in the bathroom mirror one morning and there it was, staring right back at me. I’ve been a single mom for the past 19 years. Duh … do ya think I might know a thing or two about flying SOLO?!
As expected, wonderful article!